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Note 15 - Stockholders' Equity
 9 Months Ended
Sep. 30, 2014
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
15. Stockholders' Equity

A summary of the changes in stockholders’ equity for the nine months ended September 30, 2014 consisted of the following:

   
Nine Months Ended
September 30,
 
   
2014
 
   
(in thousands)
 
       
Stockholders’ equity as of December 31, 2013
  $ 251,545  
  Net loss
    (8,178 )
  Accumulated other comprehensive loss
    (1,803 )
  Common stock issued through initial public offering
    38,018  
  Common stock issued to employees, net of shares withheld
    (485 )
  Cost related to public offering
    (3,358 )
  Exercise of stock options
    701  
  Nonemployee share-based compensation expense
    728  
  Employee share-based compensation expense
    5,952  
Stockholders’ equity as of September 30, 2014
  $ 283,120  

Accumulated Other Comprehensive Loss

For the Company’s recently acquired subsidiary in France, the Euro, which is the local currency in France, has been determined to be the functional currency.  The results of the Company’s French subsidiary’s operations are translated to U.S. dollars at the average exchange rates during the period.  Assets and liabilities are translated at the rate of exchange prevailing on the balance sheet date.  Equity is translated at the prevailing rate of exchange at the date of the equity transaction.  Translation adjustments are reflected in stockholders’ equity and are included as a component of Accumulated other comprehensive loss for the three and nine months ended September 30, 2014.

Common Stock

In June 2014, the Company completed an Initial Public Offering in which the Company sold 5,840,000 shares of its common stock, which included 1,200,000 shares of the Company’s common stock pursuant to the underwriters’ exercise of their over-allotment option, at a price to the public of $7.00 per share, resulting in gross proceeds of $40.9 million.  In connection with the offering, the Company paid $6.2 million in underwriting discounts, commissions, and offering costs, resulting in net proceeds of $34.7 million.

Share-Based Award Activity and Balances

The Company accounts for share-based compensation payments in accordance with FASB-issued accounting standards, which require measurement and recognition of compensation expense at fair value for all share-based payment awards made to employees, directors, and nonemployees. Under these standards, the fair value of share-based payment awards is estimated at the grant date using an option-pricing model and the portion that is ultimately expected to vest is recognized as compensation cost over the requisite service period. The Company uses the Black-Scholes option-pricing model to estimate the fair value of share-based awards and recognizes share-based compensation cost over the vesting period using the straight-line single option method.  Non-vested stock options held by non-employees are revalued using the Company’s estimate of fair value at each balance sheet date.

The Company did not grant any stock options during the three months ended September 30, 2014.  The weighted-averages for key assumptions used in determining the fair value of options granted during the nine months ended September 30, 2014 and the three and nine months ended September 30, 2013 are as follows:

   
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
   
2014
   
2013
   
2014
   
2013
 
                   
Average volatility
    —       28.3 %     29.9 %     28.5 %
Risk-free interest rate
    —       1.2 %     1.7 %     1.2 %
Weighted-average expected life in years
    —       4.4       5.0       4.4  
Dividend yield rate
   
—
      0.0 %     0.0 %     0.0 %

Stock Options

A summary of option activity under all plans for the nine months ended September 30, 2014 is presented below:

   
Options
   
Weighted-
Average
Exercise
Price
   
Weighted-
Average
Remaining
Contractual
Term (Years)
   
Aggregate
Intrinsic
Value(1)
 
                     
(in thousands)
 
Outstanding as of December 31, 2013
    10,771,755     $ 15.39              
Options granted
    1,661,862       15.04              
Options exercised
    (65,000 )     10.79              
Options cancelled
    (60,198 )     12.11              
Options expired
    (796,988 )     18.86              
Outstanding as of September 30, 2014
    11,511,431     $ 15.14       4.87     $ 1,975  
Exercisable as of September 30, 2014
    5,732,361     $ 17.27       3.60     $ 806  

 
(1)
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the estimated fair value of the Company’s common stock for those awards that have an exercise price below the estimated fair value at September 30, 2014.

For the three and nine months ended September 30, 2014, the Company recorded stock option expense related to employees under all plans of $2.0 million and $5.1 million, respectively. For the three and nine months ended September 30, 2013, the Company recorded stock option expense related to employees under all plans of $2.2 million and $4.5 million, respectively.

Information relating to option grants and exercises is as follows:

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2014
 
2013
 
2014
 
2013
 
 
(in thousands, except per share data)
 
Weighted-average grant date fair value
  $ —     $ 2.50     $ 4.02     $ 2.54  
Intrinsic value of options exercised
    283       4       144       (1 )
Cash received
    130       38       701       51  
Total fair value of the options vested during the year
    3,510       3,203       4,324       4,056  

A summary of the status of the Company’s nonvested options as of September 30, 2014, and changes during the nine months ended September 30, 2014, are presented below:

   
Options
   
Weighted-Average
Grant Date
Fair Value
 
Nonvested as of December 31, 2013
    5,617,554     $ 3.12  
Options granted
    1,661,862       4.02  
Options vested
    (1,440,148 )     3.00  
Options forfeited
    (60,198 )     4.35  
Nonvested as of September 30, 2014
    5,779,070       3.39  

As of September 30, 2014, there was $13.8 million of total unrecognized compensation cost, net of forfeitures, related to nonvested stock option based compensation arrangements granted under the Company’s 2005 Equity Incentive Award Plan, or the 2005 Plan. The cost is expected to be recognized over a weighted-average period of 2.5 years and will be adjusted for future changes in estimated forfeitures.

Deferred Stock Units

From 2007 through 2014, the Company granted restricted stock awards in the form of deferred stock units, or DSUs, to certain officers, consultants, and employees, either as compensation or in exchange for expiring stock options. The grantee receives one share of common stock at a specified future date for each DSU awarded. The DSUs may not be sold or otherwise transferred until certificates of common stock have been issued, recorded, and delivered to the participant. The DSUs do not have any voting or dividend rights prior to the issuance of certificates of the underlying common stock.

The Company issued DSUs that were treated as an accounting exchange for expiring stock options, whereby the fair value of the expiring stock options equaled the fair value of the DSUs at the date of the exchange. As such, the Company did not record any expense related to these award modifications.

Additionally, the Company issued DSUs to its Board of Directors and employees as compensation with a vesting period of up to five years.  The share-based expense associated with these grants was based on the Company’s common stock fair value at the time of grant and is amortized over the requisite service period, which generally is the vesting period.  The Company recorded a total expense of $0.5 million and $1.2 million for the three and nine months ended September 30, 2014, respectively, for these DSU awards, compared to the prior year expense for the three and nine months ended September 30, 2013 of $0.2 million and $0.4 million, respectively.

As of September 30, 2014, there was $5.8 million of total unrecognized compensation cost, net of forfeitures, related to nonvested DSU-based compensation arrangements granted under the 2005 Plan. The cost is expected to be recognized over a weighted-average period of 3.4 years and will be adjusted for future changes in estimated forfeitures.

Information relating to DSU grants and deliveries is as follows:

   
Total DSUs Issued
   
Total Fair Market
Value of DSUs
Issued
as Compensation (1)
 
         
(in thousands)
 
DSUs outstanding at December 31, 2013
    98,495        
    DSUs granted
    449,544     $ 6,389  
    DSUs forfeited
    (994 )        
    Common stock delivered
    (9,497 )        
    DSUs surrendered for taxes
    (7,774 )        
DSUs outstanding at September 30, 2014
    529,774          

(1)  
The total FMV is derived from the number of DSUs granted times the current stock price on the date of grant.